India Politics

Union budget 2018, Govt raise funds for Agriculture India, No changes in income tax rates

Union budget 2018, Govt raise funds for Agriculture India, No changes in income tax rates
Written by Abhishek Lohia

Finance Minister Arun Jaitley presents his Budget for the year 2018-19 in Parliament, on today 1 February 2018. The budget is largely focused on the agricultural sector, along with the major push to healthcare and education sectors in the country. The NDA government proposed some new strategies for Farmer, to increase the rate of production, while some funds are increased to redevelop Operation Green and can woos farmers with high MSP. The farmers were assured an MSP 1.5 times the cost of production, the poorest will be covered by universal healthcare of Rs 5 lakh per year.

These are the Important factors for Agriculture:

  1. Govt. gave a green signal to double the Farmer’s income by 2020, they considered agriculture as an enterprise and they develop the plans to help the farmers, to produce more.
  2. Govt decided to increase the amount of 1.5times than the actual MSP, for better price realization farmers need to make a decision, based on price- likely to available after harvest.
  3. They announced to upgrade the existing 22000 ruler hazard into Grameen Agriculture market and set up the infrastructure.
  4. 1200Cr has proposed to launch a restructure National Bamboo Mission, this cost will promote the National Bamboo mission.
  5. For Kisan Credit card, the amount has proposed to extend the facility of their cultivation needs as well as non-farm activities and cost-effective way.
  6. For operation green, rs 500Cr allocated for the logistics processing facilities and professional management of this operation. Ministry of development promotes the cluster-based development in the partnership of Ministry Of Food.
  7. NITI Aayog will fix the price of the crop, by setting State and Central Govt together. Any information which is related to crop and agriculture; will send through BHIM App.

On another side, the middle class got only consolation prize because Arun Jaitley did not propose any change to the structure of income tax rates. For salaried taxpayers, the finance minister proposed to allow a standard deduction of Rs 40,000 in respect of transport allowance and medical benefits.

About the author

Abhishek Lohia

Abhishek Lohia was a Sports and Political Writer working for Newsfolo and is no longer associated with the organization.

Leave a Comment